The US Federal Reserve carefully chose its words when it announced its monetary policy plans for the near future.

There were worries that the US would raise interest rates, which would have a direct impact on only India, but practically all major economies around the world. In uncertain times with spiraling oil prices and Russia’s economy in shambles, it was important for the US Federal Reserve to choose its words carefully.

And it did.

It addressed that “it is edging closer to raising rates”, but that it will be “patient” when it comes time to do so. Futhermore, the Chariman of the Fed, Janet Yellen, announced that she did not foresee any rate hike in the first quarter of 2015.

While the words were short, they were powerful. In essence, it puts worries aside that rates will increase at least for the next 3+ months. Immediately, Russia’s indices surged up, the dollar slightly weakened, oil prices slightly inched upward, and India’s macroeconomic worries about a global can be put aside.